Mega Trends: Functionality & performance, minimization of carbon footprint, and globalization of manufacturing services are the key Mega Trends that impact the aerospace additive manufacturing industry. Weight optimization without compromising on the safety and functionality is an area of high interest and research for all OEMs and parts manufacturers alike. Considerably lower material wastage results in lower carbon footprint. Influencing Factors: Unlike most industries, production is the largest application for 3D printing in the aerospace industry. Design freedom, quick turnaround time, and ability to produce on demand are the few factors that exert a major influence on the market penetration of 3D printing technology in the aerospace industry. Lack of clear guidelines and high capital involvement restrain the wider adoption of the technology in the industry. However, as a large number of success stories evolve in the industry, the acceptance of 3D printing is projected to increase.
Regional Trends: North America and Europe have traditionally led the aerospace 3D printing materials market in terms of demand and revenue due to the high R&D and presence of leading aircraft manufacturers, as well as system manufacturers. North America is set to be the most attractive region over the forecast period and lead regional demand in 2024. North America will be followed by Europe in terms of demand as well as revenue The Asia-Pacific region is a nascent market at present, with substantial growth potential. However, the cost-sensitive nature of the market restrains its potential in the present market condition.